Aegopodium AS, a Norway-based company a subsidiary of H. Ogreid & Sonner AS, a Norway-based company interested in shipping and logistics company, has acquired Atlantic Offshore Camma AS, Atlantic Off shore Alpha AS, Atlantic Offshore Epsilon AS, Atlantic Offshore Eta AS, Atlantic Offshore Zeta AS, Atlantic Offshore Management AS, Atlantic Offshore Crew AS, the Norway-based shipping company which owns and operates freight vessel along with Atlantic Offshore Crewing Services Ltd and Atlantic Offshore Scotland Ltd, the UK-based shipping company which owns and operates freight vessel, from Atlantic Offshore AS, a Norway-based company engaged in shipping logistics, for a consideration of NOK 16.9m (EUR 1.08m).
The acquired subsidiaries are valued at an enterprise value of NOK 1.4bn (EUR 149.4033m). The transaction involves transfer of the shares in Atlantic Offshore Camma AS, Atlantic Offshore Alpha AS, Atlantic Offshore Epsilon AS, Atlantic Offshore Eta AS, Atlantic Offshore Zeta AS, Atlantic Offshore Management AS, Atlantic Offshore Crew AS to Aegopodium. The shares of Atlantic Offshore Crewing Services Ltd and Atlantic Offshore Scotland Ltd are acquired from the administrator appointed in the UK. Aegopodium has acquired only certain assets and personnel in Atlantic Offshore Rescue Ltd. The acquisition have secured jobs for more than 400 skilled employees and ensured continued and uninterrupted services for more than ten offshore fields in Norway and the UK.
Atlantic Offshore Beta AS, Atlantic Offshore Delta AS and Team Atlantic AS will file for bankruptcy post transaction in due course. Roy Wareberg, CEO of Atlantic will be the CEO of Aegopodium.
Source:
Atlantic Offshore AS press release, 12 April 2016
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